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Alternative Market Briefing

HitecVision raises funds for offshore wind joint venture

Monday, August 15, 2022

Laxman Pai, Opalesque Asia:

Norway-headquartered sponsor HitecVision has held a final close for its first non-oil and gas fund, with a focus on the energy transition - New Energy Fund (NEF) on its EUR 875m hard-cap, exceeding its EUR 500 million target.

In addition, EUR 175 million in co-investment capital has been raised for Vargronn, the Fund's first offshore wind investment, meaning that HitecVision will deploy EUR 1,050 million for its new energy transition strategy.

The energy-industry private equity firm focused on investments in the European energy transition, said that the New Energy Fund is HitecVision's first non-oil & gas fund, and is defined as an Article 8 (light green) fund under EU's SFDR.

"The Fund has already deployed EUR 540 million across three investments in onshore and offshore wind power, district heating with carbon capture, and other energy transition initiatives, illustrating HitecVision's strength of relationships and ability to execute on its new strategic focus," said a press release from the investment firm with AUM of EUR 7 billion.

Ole Ertvaag, Founding Partner and CEO of HitecVision, said: "The world's transition from fossil fuels to a new energy system will need significant investment over the next decades. The New Energy Fund is the first HitecVision fund to address this market, and in the future, all our new portfolio companies will be companies that contribute to the energy transition."

Ole added: "We are however also......................

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